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HDFC hits new high post Q3 results

Thus far in the month of January 2018, the stock rallied 15% as compared to 6.5% rise in the S&P BSE Sensex.

SI Reporter  |  Mumbai 

HDFC among world's top 10 consumer financial services company

(HDFC) has moved higher to its new high of Rs 1,980, up 4% on BSE, after the mortgage lender reported a standalone net profit of Rs 56.7 billion in December 2017 quarter (Q3FY18), which include exceptional gain of Rs 36.75 billion.

The company had posted profit of Rs 17.01 billion during the same quarter last fiscal. During the quarter under review, the corporation has offered 191 million equity shares of Standard Life Insurance Company, a material subsidiary representing 9.52% of its stake in the initial public offering (IPO) of Life resulting in a profit of Rs 52.50 billion, said in a filing. With the objective of further strengthening the Corporation’s balance sheet, has made an additional provision of Rs 15.75 billion to shore up the provision and contingencies account and thereby recognise provisions towards specific loans against future risk, it added. Revenue from operations during the quarter grew 6.5% at Rs 86.67 billion from Rs 81.34 billion in the corresponding quarter of previous year. The brokerage firm Prabhudas Lilladher expected profit after tax of Rs 47.67 billion on net operating income of Rs 82.55 billion. Motilal Oswal Securities expected to report a profit of Rs 45 billion in Q3FY18. However, adjusted for one off, it was expected to grow 14%t Y-o-Y to Rs 19.50 billion. Thus far in the month of January 2018, the stock rallied 15% as compared to 6.5% rise in the S&P BSE Sensex.

First Published: Mon, January 29 2018. 14:44 IST
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